U.S. consumers will spend $632 billion online by 2020

E-commerce has been on the rise in the last several years, thanks in large part to titans in the industry such as Amazon and Alibaba.

And that growth shows no signs of slowing down in the near future. In fact, e-commerce will truly become the future of retail, as nearly all of the growth in the retail sector now takes place in the digital space.

BI Intelligence, Business Insider’s premium research service, forecasts that U.S. consumers will spend $385 billion online in 2016. Moreover, BI Intelligence predicts that number will grow to $632 billion in 2020.